However, it’s wrong to assume you can only make money when the market goes up. Thankfully, with shorting, you can leverage the downturn and make it work in your favor. We started TokenTact to make trading cryptocurrencies easy, efficient, and stress-free. Note The balance of the quote and the base currency will change during the bot’s work since both buy and sell orders will be executed. Depending on which way the price goes, the open orders of your bot may have more base or more quote currency than it had initially.
Setting up a live account is very similar to setting up a demo account. The main difference is that with a live account you have to link your API to the exchange you currently have your crypto funds on. This is a https://ftb.fund/tokentact-review/ good thing as it protects your funds and they remain on the exchange. Each exchange is a little different with how the API is set up but they are all also very similar with the permissions that must be granted.
These automated bots use your pre-set conditions to make trades on your behalf. TokenTact acts as a third-party network that either automatically or manually closes and opens orders on the exchanges it supports. Once you add your exchanges, this app connects to them via an API key. While this is a higher risk strategy, it also has the potential for higher rewards.
On the flip side, when the lines intersect below 20, it means the price has probably fallen too far too quickly. Savvy traders recognize this as a chance to buy before the price bounces back up again. This simple yet ingenious indicator has two lines that represent threshold values of 20 and 80. When the lines cross and go above 80, it means the price has likely climbed too high too fast and is due for a correction. So traders see this as an opportunity to sell before the price drop.
The required initial investment will be substantially higher, but so will the returns during rallies. Instead, it offers a web-based platform accessible through a web browser on desktop devices. Additionally, the amount of features and diversity of trading bots that the platform offers is nothing to sneeze at. Yet the products and features are simply one side of the TokenTact story. It is the reception of the platform’s customers that is truly impressive.
Users can acquire, store, and track the value of their digital coins over time. You then return the borrowed crypto back to the exchange, pay applicable fees, and retain the profit you made on shorting. The exchange backs your position with the margin requirements, which serve as a form of collateral guaranteeing the return of the cryptocurrency.
Besides, the platform interface is designed in a way that everyone can understand and beginners can navigate the platform by themselves. The interface of TokenTact is pretty easy to use, unlike platforms where you may have to dig deep to find its features and other products. With TokenTact, all you have to do is sign-up and connect at least one of your exchanges, and you are good to go. Further, once you sign-up, you will be running a trial or demo plan, so don’t forget to check out the plans. The BEP is a good indicator that helps you navigate your break-even point with the funds invested in the bot (specifically the base currency). Before engaging into trading activity with Combo bot, make sure you have practiced enough on the spot market with SBot or Classic bot in a risk-free TokenTact demo mode.
- Dollar-cost averaging (DCA) is a strategy to divide the total amount across periodic purchases.
- Additionally, you can also connect your account to Google or Facebook and gain access through your login credentials accounts of the respective platform.
- Even more so when you discover that some of the freebies are biased, contradictory, or just plain wrong.
- Although the SAR doesn’t form the core of a trading strategy, it’s a valuable enhancement to graphical arsenal, making trend analysis more captivating and accessible.
- For instance, in our example, it will be moved by 1%, as shown below.
To benefit from price discrepancies, a trader like you need to spot the difference of an asset across two or more exchanges first and then execute a series of transactions. For example, suppose on Binance, one BTC costs $19,526, but on Gemini, it’s priced higher and costs $19,630. Because of the price discrepancy between these two exchanges, you can buy BTC on Binance, sell it on Gemini, and end up with a $104 profit. That works if you’re quick enough to buy and sell your bitcoin before the price changes. Maker and taker fees for spot trading and leveraged trading are 0.05% and 0.01% respectively.
After deciding how you want to close your bot, press the [Confirm] button. Double-check the new settings on the bot’s preview page, and then press [Confirm]. You can use the Buy the Dip bot if you want to increase the amount of the base currency for chosen pair in situations when the price is decreasing. CoinSutra does not recommend or endorse specific cryptocurrencies, projects, platforms, products, exchanges, wallets, or other offerings. Opinions shared by CoinSutra writers are their personal views only and should not be relied upon for financial choices.
Traders can feel secure interfacing their exchange accounts through its API integration. In essence, TokenTact streamlines the crypto trading process into a cohesive, centralized system. Traders can automate strategies from a unified dashboard rather than toggling between exchanges. In the right upper corner, you have the option to switch your TokenTact account to the DEMO version.
Suitable for both beginners and pros, GRID trading can help you master the market and achieve superior trading results. Say a trader has $10,000 but only puts $200 margin with 20x leverage for a $4,000 position. In this case, they’d only lose $120 if hit – just 1.2% of their whole stack. Ignore that margin call, and you’ll be looking at a forced liquidation.